Page:United States Statutes at Large Volume 42 Part 1.djvu/437

SIXTY-SEVENTH CONGRESS. Sess. II. Ch. 93. 1922. 409 for the amoimt thereof and a penalty of not more than $200 per month for each month it has failed after demand therefor. Service of process Recovery. in any action to recover such tax or enalt shall be made according to the requirements of the District liaw relating to actions brought against insurance companies by policyholders thereof. Sec. 16. That none of the taxes or fees prescribed under sec- §Y*!¢‘°**°B~; tions 8 to 13, inclusive shall be imposed upon business written puailigltiisusgisaii; within the District by "Syndicate B," a marine insurance syndicate §'{§§"‘§,“h§°pp,,E§m%§S created by agreement between the United States Ship ing Board °*°· ’ and the United States Shipping Board Emergency Fleet (Ilorporation and a number of subscribing American marine insurance companies, under date of June 28 1920, for the urpose of insuring all American steel steamships which the United Sltiates Shipping Board or United States Shipping Board Emergency Fleet Corporation may hereafter sell to others, to the full extent of the unpaid purchase price thereof, and also such other American steel steamships heretofore sold by said Shipping Board or by said Corporation as are acceptable for insurance to the Syndicate B subscribers. Sec. 17. Nothing herein shall be construed so as to relieve any m§`¤§g3g°g=¢·>¤¢ M corporation organized or doing business under the tptrovisions hereof ' from the payment of taxes on its income under e revenue laws of the United States. . '1‘rr1.n VI.-—INvns·rmnN*r or Assmrs or Domnsrrc Comrmms. c,,§*,§‘f§i,,gf' d°“‘°°“° Sec. 18. That the cash capital of every domestic corporation , °“" transacting marine insurance in the District, required to have a capital, to the extent of the minimum capital required by this Act, shall be invested and kept invested in- Fam stm il`) Stocks or bonds of the United States, or of apg State or of m¤1p¤1,¤¢t.,»¢¤h£i1¤`; the District, or of ang counigr, township, school, or o er district or municipaliti in the nited tates, or ederal farm loan bonds, not estimated a ove their par value or their current market value. (2) Bonds or notes secured by mortgages or deeds of trust of im- ga§g“lm{“°°° ’°°'°‘ proved unencumbered real estate, or perpetual leases thereof, in the ' lnited States, worth not less than 50 per centum more than the amount loaned thereon. Where improvements on land constitute art of the value on which the loan is made, the improvements shall Ee insured against fire for the benefit of the mortgagee in amount not less than the difference between two-thirds the value of the land and the amount of the loan. Hmmm (3) Mortgage bonds of railroad companies in the United States toms, m°°g°g° and on which default in payiment of interest has not occurred within five ears prior to the purc ase by the company. I wL¤r:L¤s on such mi- (4; Loans upon the ledge of such securities. _ , °Omm,,.,.,m,,.¤,,,& The cash capital of every insurance corporation not orgamzed mIpg:g¤¤¤m <¤¤=’•'* under the laws of the District and transacting manne_msm·ance_m the District to the extent of the minimum capital required of a like domestic corporation shall be invested and kept invested m the same classes of securities specified in the preceding paraggphof this section for domestic insurance corporations, except _ t like securities of the home State or foreign country shaH be recognized as le al investments for the amount 0 the minimum capital repuired. Dmgucmmmg_ The residue of the capital and the surplus money and unds o every nsfdomestic insurance corporation over and above its capital, and the P ° ’ deposit that it may be required to make with the superintendent, may be invested in or loaned on the of any of the securities specified in the preceding paragratph 0 this section; or in the stocks, bonds, or other evidence of inde tedness of any solvent institution incorporated under the laws of the United States, or of anti State thereof, or of the District; or in such real estate as it is au orized by this Act to hold.